Moneysupermarket identifies best children's accounts

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Moneysupermarket identifies best children's accounts

Comparison website has discovered the best deals available in financial products for children.

The best child trust fund was found to be Hanley Economic BS with a rate of 7.75 per cent and no withdrawals until the age of 18.

Best regular saver was from Halifax, while the best children's term account was from Chorley BS Foxley Fund Account.

Based on £100 per month, Moneysupermarket calculated that Hanley Economic BS would gather £13,857 in interest, Halifax's account would collect £8,959 and the Chorley BS Foxley Fund Account would gain £10,758.

Kevin Mountford, head of savings at moneysupermarket.com said that a monthly deposit of £50 could ensure a child had enough cash for university or help with the deposit on a first home.

"Parents can nearly double their child's investments over 14 years if they are diligent in their monthly savings," he said, adding that older children could also add to it.

Last month, the Children's Mutual reported that teenagers were saving in order to cope with student debt.

Nearly a third of youngsters aged 11 to 18 are putting money aside for higher education, according to the society's research.

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